Tag Archive for: cybersecurity
Strategic Expansion Tactics in a Contracting Economy
In the face of economic downturns, the prospect of expanding a company may seem counterintuitive. However, history reveals that successful enterprises often emerge during challenging times. Disney, Hewlett-Packard, Netflix, Citigroup, Groupon, and Lego all thrived during economic recessions, underscoring the potential for growth amid adversity. In this blog post, we’ll explore the key considerations when expanding to a new location during an economic downturn and how to effectively mitigate associated liabilities.
1. Identify and Manage Risks
Every expansion comes with its own risks, including property damage, liability claims, and business interruption. Consider working closely with your insurance provider to identify any liabilities related with the relocation site. A customized insurance policy can give financial protection against unforeseen obstacles, allowing your company to navigate uncertainty with greater confidence.
2. Review and Adapt Contracts
Before expanding, thoroughly examine your contracts for the new location. Ensure that your agreements align with the local regulations and economic conditions. Early contract adjustments can prevent legal complications and financial penalties, providing a solid foundation for your operations.
3. Prioritize Employee Well-being and Benefits
The talent and well-being of your team are critical to the success of any expansion. Consider offering comprehensive employee benefits and risk management programs to safeguard your team’s health and safety. This not only fosters a positive workplace culture, but it also protects your company from potential liability originating from workplace incidents or employee conflicts.
4. Invest in Cybersecurity
In the age of digital transformation, companies must emphasize cybersecurity and data protection. With the rising risk of cyber threats, make sure your company invests in strong cybersecurity procedures to protect sensitive data. Also, establish a robust IT infrastructure by assembling a dedicated IT team and conducting comprehensive training programs to ensure seamless technological integration and data security. To reduce potential financial losses, look into insurance solutions that cover cyber liabilities like as data breaches and cyber attacks.
5. Make Adjustments Early
Proactive adjustments are key to successful expansion. Waiting until the last minute can lead to complications and hinder the relocation process. Implement changes early to streamline operations, mitigate risks, and ensure a seamless transition.
6. Prioritize Employee Well-being and Benefits
The talent and well-being of your team are critical to the success of any expansion. Consider offering comprehensive employee benefits and risk management programs to safeguard your team’s health and safety. This not only fosters a positive workplace culture but also protects your company from potential liability originating from workplace incidents or employee conflicts. Expanding to a new location during a contracting economy requires careful planning, risk assessment, and strategic decision-making. By working with a reliable insurance company and implementing a comprehensive risk-management strategy, your business can not only survive but also thrive during difficult economic times. Don’t forget that proactive actions and a carefully considered insurance plan can be your company’s shield against liabilities, enabling you to expand with peace of mind and resilience.
We can help you find the best policy to provide the coverage you’ll need to bounce back if attacked.
Featured image credit: Envato Elements by Rawpixel | Licensed | All Rights Reserved
6 Current Cyber Threats Companies Face: How to Stay Safe
As companies adopt digital solutions, they are exposing themselves to risks that can compromise their operations and sensitive data. Preventing these threats is essential and understanding them is the first step to keeping your company safe. In this article, we’ll discuss 6 of the most common cyber threats that companies face today and provide simple and effective strategies to keep them secure.
1. Lack of security awareness
Employees and stakeholders may not recognize potential threats, making them susceptible to phishing attacks or inadvertently sharing sensitive information.
Solution: Develop a culture of security awareness
It is essential to establish and communicate clear security policies, ensuring that employees are well-informed through regular training sessions. Simulating phishing attacks helps test and improve employee vigilance, while encouraging a culture of reporting ensures timely responses to potential threats. Staying informed about the evolving threat landscape and adapting training materials accordingly ensures that the office remains proactive in addressing emerging risks. Through these measures, a comprehensive security culture can be cultivated, providing a collective defense against cyber threats.
2. Outdated software
Running outdated software exposes the company to vulnerabilities that could be exploited by cybercriminals, leading to data breaches or system compromises.
Solution: Keep your computer’s software up to date
Keeping your computer’s software up to date is essential for staying safe in the digital world. Cyber-attacks and ransomware have become more sophisticated in recent years, meaning that outdated software is much more vulnerable to malicious threats. Updating your software regularly provides your device with the best defenses against hackers and other online criminals. Not only will you stay protected against attack, but new updates often include improvements to processing speed, additional functions or bug fixes, allowing you to enjoy a faster, smoother experience on all of your favorite program.
3. Lack of security program
Without a tailored security system, companies may lack the necessary safeguards to detect, prevent, and respond to cyber threats effectively.
Solution: Install a reputable security program on your computers
If you use your computer for any purpose, it’s important to have a good security program installed. Criminals are more and more technologically advanced, so you need a reliable program that can protect against the latest threats. It’s worth taking the time to research different options, as some may offer more protection than others. Investing in a reputable security program not only safeguards your valuable data but also gives you peace of mind knowing that you’re protected from malicious hackers and viruses. Make sure to set up timely automatic scans and frequently updated virus-definition files to stay one step ahead of any attempted cyberattack.
4. Use the same old weak password everywhere
Reusing weak passwords across multiple accounts increases the risk of unauthorized access, as a breach in one account could potentially compromise all others.
Solution: Use strong, new and different passwords everywhere
It’s no secret that you should always use strong passwords for email and other account logins. Not only can weak passwords be easily hacked, but reusing the same password across multiple accounts increases your vulnerability to hackers. Your email account might not contain sensitive information (or it may!), but someone could use your email address to gain access to other important accounts with potentially devastating results. Even better than a strong password? A two-step authentication process with a password authenticator — this way, even if someone gets past your password, they still won’t be able to get into your accounts. So take the time to protect yourself and develop an impenetrable defense against cyber intruders.
5. You don’t have a cyber policy
In the absence of a dedicated cyber insurance policy, companies may find themselves financially exposed to the costs associated with data breaches, legal liabilities, and other cyber-related incidents.
Solution: Invest in Cybersecurity Insurance
Investing in cybersecurity insurance is an important step for any company owner. With the evolution of technology, data has become increasingly vulnerable to cyber-attacks, making insurance more and more essential for both small and large companies. There are various types of coverage available that can provide assistance when it comes to reviewing and examining existing security structures as well as responding to any incidents involving data breaches or malware attacks. Having insurance in place will ensure you have the necessary protocols and safeguard your information from digital intruders.
6. Irregular data back up
Failure to regularly back up data leaves the company vulnerable to data loss in the event of a ransomware attack or other catastrophic events, impacting organizations’ continuity and recovery efforts.
Solution: Back up your data regularly
We’ve all seen the headlines after natural disasters where thousands of people have lost years’ worth of precious data in an instant. Don’t let yourself be one of them! With ever-increasing tech storage and transfer speed, backing up your important family photos, documents, videos, or anything else you don’t want to lose is easier than ever. Take five minutes a month or so to plug in an external hard drive, pop in a USB stick, or click on the button to save your work to cloud storage, and you’re good to go. Trust us – you’ll thank yourself if disaster strikes!
By fostering a security-conscious culture and adopting practical measures, you’re not just securing data; you’re securing your peace of mind. By keeping your software up to date, using strong passwords, and investing in cybersecurity insurance, you can minimize the risk of becoming a victim of cybercrime. Don’t wait until it’s too late – take action now to protect yourself and your company. For more information about cybersecurity insurance, contact us today.
We can help you find the best policy to provide the coverage you’ll need to bounce back if attacked.
Featured image credit: Envato Elements by AndersonPiza | Licensed | All Rights Reserved
Insurance Trends in 2022: What to Watch For
Competitive Edge Insurance is a commercial insurance brokerage that specializes in hard-to-place risks. This includes businesses that are in chaos or crisis with high-risk exposures such as construction and development, property investors and flippers, and those with excess losses or claims.
In 2022, we’re observing a noticeable change in favor of insurance buyers. In turn, we are optimistic for many segments of the commercial lines market in the coming year. Welcome to “Insurance Trends in 2022: What to Watch For.”
Let’s dive in.
From Pandemic to Endemic
“Adaptation is a profound process. Means you figure out how to thrive in the world.” —John Laroch
As we well know, COVID-19 is an ongoing issue. In fact, variants have led many to expect that COVID-19 is here to stay.
Regardless, the sentiment, at least in the insurance industry, has shifted from uncertainty to adaptation.
For the past 10 quarters, rate increases have averaged 10%. Capital in the reinsurance market has increased by 30% which provides support against a large loss event, catastrophe, economic turmoil, and/or adverse claims.
In 2022, we recommend insurees proceed with caution. Additionally, we anticipate price increases to slow. Please note, however, the word “slow” in this sentence. Increases are expected to slow, not create a downward trend in pricing.
Today’s World of Insurance: An Overview
As we know, the past 18 months have been nothing short of eventful. This considered, what are we observing in the insurance world today? Here are a few elements.
- Catastrophic Losses Continue
- Social Inflation
- Skilled Labor Shortages
- Supply Chain Disruptions
Did you know that according to a study from the Society for Human Resource Management, nearly 90% of businesses are having a hard time filling open positions?
Next, let’s dive into each insurance sector a bit deeper: cyber, commercial property, auto, and workers’ compensation.
Cyber Insurance
When it comes to cyber insurance, premiums are rising but covering less.
What’s Causing Insurance to Increase?
- Cyber extortion jumped by 150% in a year
- Companies are more likely to rely on outside attorneys to handle cyber response (in order to contain potential lawsuits)
- Every claims category has increased in the past year; cases of malicious breaches and unintentional disclosure increased by 18%
- Cyber coverages are expected to rise sharply, 40% to 50% for optimal risks and 50% to 100% or more for less optimal risks, seeing as ransomware attacks continue to crowd the cyber insurance market
Additionally, executives do not have the knowledge to properly insure their companies from cyber risk. Here are some statistics from Munich RE to paint a picture for you:
- “81% of C-level respondents think their company is not adequately protected against cyberthreats
- 35% are considering taking out an insurance policy and will very likely do so
- Only 34% of C-level respondents have been in contact with their insurers
- One out of four C-level respondents was totally unaware of the opportunities that cyber solutions offer
- 17% of C-level respondents still do not have an overview of the cyber insurance products on the market”
The bottom line? C-level executives, while they may be concerned about cyber threats, do not have an understanding of what insurance products and services are available to them.
Commercial Property
What Elements Are Driving Rates?
- Increasing frequency of natural catastrophes, as well as the severity of those events
- Higher rebuilding costs due to price inflation of materials and labor shortages
Today, however, commercial property markets are stabilizing. Additionally, increased rates are slowing while capacity is increasing.
We can also anticipate more favorable terms for clients who mitigate risk. Property owners who have been working hard to mitigate risk and decrease claims can see more favorable terms and conditions, and possibly lower rates.
This benefits commercial insurance buyers that maintain quality risks with strong data to back them up. However, rates will continue to be impacted by the location of the risk.
Companies in areas at high risk of natural catastrophes, such as tornadoes, hurricanes, hailstorms, and wildfires, are seeing the highest rate increases, as well as non-renewals and even difficulty in securing coverage. For example, in wildfire areas of California and wind zones of Florida, rates have increased by over 20%.
Auto Insurance
Rates have gone up and up. But what’s driving the increase?
What’s Causing Auto Insurance Rates to Increase?
- An increasing amount of accidents and deaths caused by distracted driving
- Higher medical costs for accident victims
- Rapidly climbing repair costs for vehicles exacerbated by the disrupted supply chain for parts and paucity of skilled and trained labor
As a result, we expect to see averages of 5-15% increases in both commercial and personal auto insurance in 2022.
Workers’ Compensation Insurance
Workers’ compensation is a mixed bag.
There’s a base that’s put into play by The Workers’ Compensation Insurance Rating Bureau of California (WCIRB), which is our rating and statistical bureau for data. The WCIRB gives us the trends and where to go.
The state fund has announced rate increases, the 2022 WCIRB new policy assessment increase sits at 5.9318%.
Beginning January 1, 2022, new assessment levels took effect for the six workers’ compensation surcharges administered by the California Department of Industrial Relations (DIR). The six will total 5.9318% in 2022, compared to 3.9590% in 2021.
For more information on rate increases between 2021 and 2022, visit the graph below.
How Can You Prepare?
Let’s talk about risk management.
First things first, review your policies before they expire!
It is estimated that commercial properties were undervalued for underwriting purposes by more than 30% in November 2021 policies annually.
To rectify undervaluation, more frequent, in-depth property risk appraisals—that take into account more extreme weather events, potential supply chain hurdles, and inflation trends—are recommended.
Second, write your own story. Don’t let the underwriters do it for you! Work with your insurance broker and risk representative to take appropriate steps to reduce your risks whenever possible. This will make you more attractive to underwriters.
Below is simply an outline of factors that owners can address to influence the most favorable underwriting profile, which leads to the most favorable terms, conditions, and pricing:
- Take inventory of assets
- Pinpoint current exposures and cost drivers
- Update contracts to the current environment
- Review existing risk management techniques
- Highlight business continuity plans and loss control measures in place
- Build a company culture focused on safety
- Manage claims efficiently
- Be weather-ready
Additionally, to reduce negative consequences from supply chain crunches and labor shortages in the aftermath of a catastrophe, “risk managers and property owners should consider entering agreements with builders before an event occurs to ensure the availability of materials and manpower for the restoration job.”
Underwriters are more critical now than ever on property, asking in-depth questions on what you’re doing to control your risks; not only to employees but to tenants and visitors.
Read on for more on how to prepare as well as what to expect from workers’ compensation policy renewals this year.
How Small Businesses Fall Victim to Cyber Attacks
Cyber attacks are on the rise—and no business, big or small, is immune to the devastating financial loss that a cyber attack can have. So, let’s discuss a few aspects of cyber attacks to look out for, including:
- What is phishing?
- Why is it a problem?
- Why are small businesses targeted?
- How can your business prevent becoming the victim of a cyber attack?
Let’s dive in.
What is Phishing?
Phishing is an ever-growing concern defined as the “technique for attempting to acquire sensitive data, such as bank account numbers, through a fraudulent solicitation in email or on a website, in which the perpetrator masquerades as a legitimate business or reputable person.”
According to Brenda Jo Robyn, founder of Competitive Edge Insurance, phishing is “any activity that compromises your organization’s security.”
For more on phishing, read our article: “Why Is Phishing the #1 Thing Killing Small Businesses?”
Why is Phishing a Problem?
Let us provide an example of the dangers of phishing.
On February 5, 2021, according to The Pew Charitable Trusts, “a plant operator for the city of about 15,000 on Florida’s west coast saw his cursor being moved around on his computer screen.”
The cursor continued to move, “opening various software functions that control the water being treated [and boosting] the level of sodium hydroxide—or lye—in the water supply to 100 times higher than normal.”
If you didn’t know, the consequences of this breach could have been deadly if not caught immediately, as lye poisoning can result in:
- Burns
- Vomiting
- Severe pain
- Bleeding
While most cases might not involve the extremes of lye poisoning, this example shows the severity of phishing today. As a result, governments, states, businesses (big or small), and individuals should act accordingly to strengthen their cybersecurity efforts.
Why Do Data Thieves Focus on Small Businesses?
The consequences of a cyber attack on a small business are particularly severe. 60% of small businesses that have been hit by a cyberattack end up shutting down within six months of the attack.
Despite the irreversible aftermath of falling victim to a cyber attack and the fact that 43% of online attacks are now aimed at small businesses, CNBC reports that only 14% are prepared to defend themselves.
Interested in some more statistics?
- 20% of small businesses have experienced a cyberattack in the last two years.
- Last year there was a 424% increase in small business breaches.
- The median ransomware payment is up 52% to $71,664.
- On average, businesses experience 22 days of disruption as a result of a ransomware attack.
Cyber attacks are not only extremely expensive to recover from but they also damage your business’s reputation and productivity, and can even be dangerous in the event of personal data being stolen.
This is why it is crucial to protect your small business from cyberattacks. But how can you protect yourself? What can the Florida plant case study teach us?
How Can You Prevent Phishing?
Luckily, there are measures you can take to prevent phishing as a business owner. Let’s discuss some options.
Training
- Training your employees: To be vigilant; educate them on common phishing traps, email scamming tactics, and how to send data securely (In the Florida case study mentioned earlier, the employee who noticed the breach reported it immediately).
- Training IT: To know what to look for
Be sure to document your training and review it on a weekly or quarterly basis with employees and staff.
Due Diligence
Ensure your business is conducting thorough, routine cybersecurity due diligence.
According to Security Scorecard, cybersecurity due diligence is “the process of identifying and addressing cyber risks across your network ecosystem.” Doing so provides “insights into potential gaps in network security so that they can be addressed before they are exploited by cybercriminals.”
For those who are interested in seeing where their business is in terms of safety, read on to learn how you can measure your company’s cybersecurity risk.
Have a Planned Crisis Response in Place
When it comes to cyber risk, there’s nothing worse than being ill-prepared. Of course, we couldn’t write about cyberattacks without mention of investing in a cyber liability insurance policy for your business.
A cyber liability policy might include:
- Data Breach Coverage
- Business Interpretation Loss Reimbursement
- Cyber Extortion Defense
- Forensic Support
- Legal Support
- Coverage beyond a General Liability Policy
As a small business, you must be prepared—because the consequences can be insurmountable. Interested in learning more about cyber insurance and why you need it? Read on in our article “Why Does My Business Need Cyber Insurance?”
Why is Phishing the #1 Thing Killing Small Businesses?
What is phishing? And no, we’re not talking about the activity of catching fish for food or sport. Phishing, spelled with a ‘ph,’ is an ever-growing concern defined as the “technique for attempting to acquire sensitive data, such as bank account numbers, through a fraudulent solicitation in email or on a web site, in which the perpetrator masquerades as a legitimate business or reputable person.”
But why is phishing especially harmful to small businesses? Why are they being targeted? We have all the answers and more, thanks to Brenda Jo Robyn, founder of Competitive Edge Insurance.
So, welcome to ‘Why is Phishing the #1 Thing Killing Small Businesses?’ We hope you stick around to learn something new, including how you might protect yourself as a small business owner.
What is Phishing?
Today, phishing can come in a variety of forms. According to Brenda Jo, phishing is “any activity that compromises your organization’s security… It can come in the way of an email or a text or an application.” These applications that retrieve your data can be on your computer, phone, even your iPad. Scammers target you and ask questions to get your information in really creative ways.
An Example of Phishing
Let’s say you receive an email that you’ve been expecting from Bank of America. Why not just ignore it? Well, because…
“It looks like you really should open it. [After all,] it’s a secure document for the bank you’ve been working with lately,” says Brenda Jo. The culprits know you’ve been waiting for this specific type of document to arrive in your inbox because they’ve been screening your emails.
“So, now they have captured that you’re working with this bank and now this bank is sending you a secure document that you need to open… You open it out of their Google docs, and all of a sudden, bam, you got a worm or a virus on your computer,” says Brenda Jo.
“That’s going to either start going through all your files and looking for stuff. They’re gonna track your emails or they’re going to track your keystrokes.”
Phishing is huge right now. Brenda Jo continues. “I can’t stress enough how important it is to make sure that your computers and data is secure from others. There are a lot of what are called ‘bad elements’ or ‘bad actors’ out there that are trying to steal your data… Right now data is money. And the more data you have, the more money you can make.”
How Dangerous is Phishing for Small Businesses?
The statistics speak for themselves. Right now, 60% of small companies that have been hit by a cyber attack are closing their doors within six months. The reason? It is very costly to come back from a cyber attack.
Most small businesses don’t have the collateral, backing, or lines of credit to make themselves whole again after an attack of this caliber.
How Can Small Businesses Protect Themselves from Phishing?
Training
Focus on training.
- Training your employees: (For example, they need to know how not to send excel spreadsheets emails! Instead, create a zip file or convert the document into a PDF. Why? It is very easy to scrape data from an excel file while in an email.)
- Training IT: They need to know what to look for.
Due Diligence
Due diligence is the bare minimum. Document your training and go over it on a weekly or quarterly basis. Next, ensure your IT systems are multi-layered. This means not only having firewalls on your computers and servers but also helpful, educated IT personnel available.
Develop a Planned Crisis Response
A planned crisis response includes a cyber liability policy. As Brenda Jo says, “one of the things that kills the small business is the lack of PR or response to their clients and/or vendors when a phishing attack occurs and data has been compromised.”
“It’s very expensive to go and let everybody know, ‘Hey, your information was taken and here’s the year’s worth of credit monitoring’”—especially if the data is health-related.
You might face both federal fines as well as fines from the state government. The costs add up, and that’s where cyber liability comes in to help.
Reach Out to Competitive Edge Today
As you look at your coverage, think of the potential for cybersecurity issues, evaluate your tolerance for risk, and take the time to look at your policies in detail. As experts, we at Competitive Edge can tell you where you are vulnerable and what the risk might cost you. It is then your decision to accept the risk or mitigate it with coverage. You know what we would do.
Interested in learning more about the dangers of ransomware and why the need for cyber liability coverage is increasing? Read on in cyber liability coverage for the new era of ransomware.
How does Workers’ Compensation Insurance Work?
Picture this scenario: You’re at a construction site and a worker falls off the roof and falls and breaks their leg onto floor tiles, also breaking the tiles. What would be covered in that situation, the leg or the tiles?
What is Workers’ Compensation Insurance?
Workers’ compensation insurance are policies that provide medical benefits and wage compensation to workers injured on the job, in exchange for eliminating their right to file a lawsuit against their employer’s negligence.
Workers’ compensation benefits are designed to help employees if they are unable to work, cover medical expenses, as well as other expenses and rehabilitation costs associated with disability or illness. As you look to explore workers’ compensation options, it’s important to look for one that provides adequate coverage and compensation for your employees.
When you invest in a properly designed policy, it ensures you and your employees remain financially secure. It’s also important to look at the specific benefits that are offered within your policy. Typical workers’ compensation insurance policies cover medical benefits.
So, the worker’s comp covers the worker’s injury for falling off the roof.
What is Covered with Workers’ Compensation Insurance?
Specific workers’ compensation laws vary depending on your state; however, the most common compensation states that require workplace injury insurance include the following:
- Payment for lost wages
- Vocational rehabilitation
- Permanent disability
- Temporary disability
- Medical costs and treatment
Bonds
One helpful way to understand this scenario is knowing the difference between performance and payment bonds.
Payment Bonds
In simple terms, a payment bond enforces that everything must be paid once a project is completed. Payment bonds are also surety bonds and are required for most state projects based on the Miller Act.
The Miller Act was passed by the U.S. General Services Administration Public Buildings Service (GSA) with the intention to explain how payment bonds protect subcontractors and suppliers.
The GSA responds to any reports of nonpayment, following the legal action needed and protected by the Miller Act. The GSA states that “the Miller Act requires that prime contractors for the construction, alteration, or repair of Federal buildings furnish a payment bond for contracts in excess of $100,000.”
Payment bonds additionally play a major role in construction. As an insurance company, we have relationships with carriers who understand the specifics of construction risk and can provide better solutions, better prices, and more comprehensive coverage—even for hard-to-place and high-risk companies.
Performance Bonds
The main differentiator between payment and performance bonds is that a performance bond ensures the employer is satisfied with the job. While both are surety bonds, performance bonds can be helpful in industries apart from construction.
A performance bond, according to Investopedia, “ensures the completion of a project. Setting these two together provides the proper incentives for laborers to provide a quality finish for the client.”
Any type of bonding will cover e tiles or building materials that were broken.
Overview
If an employee falls off the roof and hurts their leg and breaks the tile, the Workers comp covers the worker’s injury for falling off the roof. Bonding covers the broken tiles from his attempt not to fall off the roof.
The first step is to show us under the hood so we can help you find the right carrier and coverage to protect your business today and always.
Read about Worker’s Compensation for Independent Contractors here.
World Polio Day
Competitive Edge’s very own CEO, Brenda Jo Robyn has a passion for charitable giving. Because of Brenda Jo’s previous career as an Epidemiologist who specialized in immunizations, she places special attention on Polio research. As October 24 is World Polio Day, we wanted to get Brenda Jo’s insight into what World Polio Day really means to her.
What World Polio Day Means to Brenda Jo:
“I belong to the rotary club of Coronado and one of the things that I specifically work on is a fundraiser called End Polio Now, which raises funds to immunize children across the globe.
Over the last few years, we have raised $2.1 billion to protect over 3 billion children and 122 countries from Wild Polio Viruses, two have been eradicated, and one is still active. And the only countries in which Polio exists in the wild are Pakistan and Afghanistan. This year, we only had two reported cases in January. However, between 2018 and 2020, there hasn’t been as much access to services for families and children. And in those two countries in 2020, there was a three-month break from providing immunizations due to COVID-19.
They couldn’t go around and go from town to town and, and tried to tribe. Due to recent events, it has become increasingly challenging in Afghanistan and the immunization locations have been closed down. There’s a big concern right now on how this will play out and affect the future.
Currently, there’s an estimate of 3 million children that remain, un-immunized. And why is this a concern? Well, it can lead to an outbreak. Refugees are being accepted in countries all over the world, and we don’t know who is immunized and who is not immunized as they come. We really have to focus on those children as they’re coming in and treat them all as if they are not immunized.”
Understanding World Polio Day
World Polio Day is an effort to draw attention to the End Polio Now organization working to eradicate the wild poliovirus in both Afghanistan and Pakistan, as well as increase immunizations in countries that are at greater risk, like Africa.
In order to eradicate the wild poliovirus, high-quality immunization campaigns must be carried out to polio-affected and high-risk countries. Rotary has played a huge role in contributing to Polio eradication.
What is Rotary?
Brenda Jo is a part of the Rotary Club, which provides her with various opportunities to connect and give back to the community at large.
“Rotary is a global network of 1.2 million neighbors, friends, leaders, and problem-solvers who see a world where people unite and take action to create lasting change–– across the globe, in our communities, and in ourselves.”The main goal of Rotary is to serve others in the form of charitable works, giving, and time. Brenda Jo loves being a part of Rotary as it gives her the opportunity to make a real difference in the world. If she can impact just one life in a positive way, it is all worth it.
What Factors Reduce My Commercial Insurance Premiums?
Do you know the in’s and out’s of commercial insurance? Test your premium knowledge by taking the quiz below!
Need some more help after taking that quiz? Read more about the four types of insurance you should have for your business here!
Bundling Insurance: Pros and Cons
If you’ve ever seen a Geico or Progressive commercial, you have probably heard the term “bundling insurance” thrown around, but is it actually worth it as a commercial provider?
Bundling insurance is when you choose to get multiple faucets of insurance through the same company. While it can sometimes save you money, there are potential downfalls as well.
Pros of Bundling Insurance
For commercial insurance, the pros of bundling your insurance might include:
Higher Savings
There are multi-policy discounts that might be applied to your bundled insurance. Depending on the provider and your personal preference, the discount can range anywhere from 5 to 25%.
Less Clutter
Mehmet Murat Ildan said, “If you have a complex life, make it simple; if you have a simple life, continue it that way!”
If you’re a small business owner, the concept of a simple life might be long gone—the pursuit of your passion can take up all the hours in the day. This is why finding small ways to declutter your life is crucial to finding balance.
Bundling your insurance might be a small way to organize your life and finances.
Insurance Security
If you make any claims on one type of insurance but are covered by the same company for another type, you are less likely to be dropped by them.
Cons of Bundling Insurance
Not Always Cheaper
While one of the main draws towards bundling insurance is saving money, there are cases where this isn’t the case. However, this all depends on your history. If you have a poor credit score or traffic violations, this might hinder your chances of getting a higher discount for bundling (likely in the 5% range compared to 20%).
You’re Stuck
If you choose to bundle your insurance through the same company, there isn’t a ton of room to look for other rates. If you’re bundling your insurance through the same company, they might raise your rates without much room for discussion.
Keep in Mind
If you do feel like bundling your insurance, there are some guidelines you can follow to ensure you understand what you’re getting into (even though there are short and long-term benefits of bundling).
- Evaluate all third-party options
- Compare quotes
- Keep an open mind
Contact us at Competitive Edge today for information on bundling insurance!